100 million euros to be invested in Milocer resort

Instead of the planned 54 million, Adriatic Properties company will invest 100 million euros in the famed resort.

This year alone, the investor will invest over 10 million euros.

„The planned investment in the construction of the hotel amounts to 54 million euros, while funds for the entire complex will amount to 100 million euros”, says the Information on the activities within priority projects in the field of tourism recently adopted by the Government, writes Dnevne Novine daily.

Urban-technical conditions for the hotel were issued on December 31, 2015.

The loan agreement with the EBRD will provide 50 percent of the funds needed for investment in the Chedi Queen’s beach hotel.

The investor company signed the Agreement on financing the project with the European Bank for Reconstruction and Development in the amount of 37 million, 27 of which will be spent on construction of the Chedi hotel, says the same document.

It further adds that over 16 million euros will be invested in project Porto Montenegro this year.

When it comes to project Lustica bay, worth 1.1 billion euros, the investor plans to invest 46 million euros in 2016.